Synovus Financial (SNV) Posts Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Synovus Financial (NYSE:SNV) issued its quarterly earnings results on Tuesday. The bank reported $0.72 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.05, Bloomberg Earnings reports. The business had revenue of $339.07 million for the quarter, compared to the consensus estimate of $338.60 million. Synovus Financial had a return on equity of 10.44% and a net margin of 21.39%. The firm’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.54 earnings per share.

Shares of Synovus Financial (NYSE SNV) opened at $50.78 on Tuesday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.99 and a current ratio of 0.99. Synovus Financial has a 12 month low of $37.95 and a 12 month high of $51.29. The firm has a market capitalization of $6,035.50, a price-to-earnings ratio of 20.48, a price-to-earnings-growth ratio of 1.89 and a beta of 1.13.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Thursday, December 21st were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.18%. The ex-dividend date was Wednesday, December 20th. Synovus Financial’s payout ratio is presently 24.19%.

In other Synovus Financial news, Director Philip W. Tomlinson sold 1,052 shares of the company’s stock in a transaction on Friday, December 8th. The stock was sold at an average price of $48.82, for a total transaction of $51,358.64. Following the completion of the sale, the director now directly owns 27,139 shares in the company, valued at $1,324,925.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Allen J. Gula sold 2,125 shares of the company’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $47.11, for a total value of $100,108.75. Following the sale, the chief operating officer now owns 72,561 shares of the company’s stock, valued at $3,418,348.71. The disclosure for this sale can be found here. 1.50% of the stock is owned by corporate insiders.

A number of equities research analysts recently issued reports on the company. Zacks Investment Research raised Synovus Financial from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a research report on Tuesday, December 26th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $53.00 price target on shares of Synovus Financial in a research report on Friday, December 22nd. Robert W. Baird reissued an “average” rating and set a $47.00 price target on shares of Synovus Financial in a research report on Wednesday, January 3rd. SunTrust Banks reissued a “buy” rating and set a $54.00 price target on shares of Synovus Financial in a research report on Wednesday, November 29th. Finally, Barclays increased their price target on Synovus Financial from $49.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company’s stock. Synovus Financial currently has an average rating of “Hold” and a consensus price target of $47.30.

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About Synovus Financial

Synovus Financial Corp. is a financial services company and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services, to its customers through locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.

Earnings History for Synovus Financial (NYSE:SNV)

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